A bullish trend continued on Pakistan Stock Exchange for the fourth consecutive day Thursday. Led by blue chips in banks and oil & gas sectors, the benchmark KSE-100 index crossed 47,000-point psychological level. The index closed at 47,084.34 points with a net gain of 135.30 points. Trading activity further improved as daily volumes on the ready counter increased to 455.270 million shares as compared to 367.796 million shares traded on Wednesday. Foreign investors remained net sellers of shares worth $9.2 million.
The market capitalization increased by Rs 18 billion to Rs 9.743 trillion. Out of total 405 active scrips, 242 closed in positive, 147 in negative while the value of 16 stocks remained unchanged. K-Electric was the volume leader with 44.666 million shares. It gained Rs 0.53 to close at Rs 7.46 followed by Bank of Punjab that inched up by Rs 0.55 to close at Rs 11.91 with 43.233 million shares. Azgard Nine increased by Rs 1.00 to close at Rs 15.93 with 33.540 million shares.
Bata Pak and Murree Brewery were the top gainers with Rs 98.99 and Rs 27.00, respectively to close at Rs 3,199.00 and Rs 775.00 while Philip Morris Pak and Pak Tobacco were the top losers with Rs 139.42 and Rs 84.75, respectively to close at Rs 2,649.08 and Rs 1,610.25.
Maaz Mulla at JS Global Capital said the market continued its positive momentum with profit-taking in select stocks, hitting an intraday high of plus 218 to an intraday low of minus 91 points, and closed at 47,084 level, 135 points. The rally was seen in banking and oil and gas stocks. POL (up 1.23 percent) and OGDC (up 0.64 percent) in E&P sector gained to close in the green zone as oil prices rose in the international market. Commercial bank heavyweights including HBL (up 1.11 percent), MCB (up 2.01 percent), NBP (up 0.59 percent) and ABL (up 1.07 percent), cumulatively contributed 77 points to the KSE-100 index. However, downward pressure was witnessed in the Oil and Gas Marketing stocks as SHEL (down 0.55 percent), SNGP (down 1.89 percent) and SSGC (down 0.46 percent) from the sector shed points.
Ahsan Mehanti at Arif Habib Corporation said that bullish sentiments remained at PSX amid strong corporate results. Uncertainty over PM election next month and concerns over higher circular debt and rising public debt to over Rs 20.8 trillion invited mid-session pressure. Upbeat CPI Inflation data for July 2017 supported leveraged stocks in cement, textile and auto sectors. He said reports of surging cement dispatches and oil consumption data for July 2017 amid higher global crude prices played a catalytic role in bullish close.
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